Stocks rose modestly on Friday as investors weighed concerns about a global economic recovery with positive developments on a coronavirus vaccine. Here are some of the top tech stock movers for Aug. 21:
Shares of Pinduoduo (PDD) - Get Report, the second-largest online marketplace in China, plunged 12% to $85.63 after it posted better-than-expected earnings but revenue that fell short of forecasts. Revenue rose 67% to $1.73 billion, but missed the FactSet consensus of $1.84 billion.
Shares of Baozun (BZUN) - Get Report, a China-based e-commerce services firm, fell 7.4% to $38.89 after it reported better-than-expected revenue and earnings for the most recent quarter, but issued a weak sales outlook of between $252.8 million and $260 million for third quarter, below Wall Street's consensus of $271 million.
Shares of Nvidia (NVDA) - Get Report rose 4.1% to $505.70 following a bullish note by Jefferies analyst Mark Lipacis, who raised his price target for Nvidia shares to $570, writing that the chip giant may "continue to surprise on the upside" and could also undertake more M&A to further broaden its footprint. Nvidia recently topped revenue and earnings estimates for its July quarter.
Share of Apple (AAPL) - Get Report rose 3.8% to $491.04 following a note from Wedbush analyst Dan Ives, who wrote that shares could soar even higher in the coming months as investors are "underestimating the massive pent-up demand around this supercycle for Apple." Apple is expected to release its iPhone 12 lineup this fall. Ives maintains a 12-month price target of $515 and a bull case target of $600.
Shares of Chinese tech giant Alibaba (BABA) - Get Report rose 3.4% to $266.52 following its most recent earnings release on Thursday. The company reported “healthy growth” across most of its businesses, amounting to $21.76 billion in revenue for the quarter and non-GAAP earnings of $2.10 a share, above Wall Street's $1.99 consensus.